Sep 22, 2019
Thomas Cook would be biggest test of Atol scheme
As the future of Thomas Cook hung in the balance on Sunday night, UK authorities were braced to repatriate thousands of holidaymakers and face a wave of compensation claims from passengers who booked package tours. Should Thomas Cook collapse into administration, the CAA also faces the prospect of receiving hundreds of thousands of compensation claims from Thomas Cook passengers who have yet to travel - by far the sternest test of its resources in its 46-year history. "The real downside for Thomas Cook customers is that they may have to wait for months to get their money back, and in the meantime, the price of flights and holidays will go up," said Simon Calder, the veteran travel journalist and presenter of the BBC Travel Show. Customers who have only booked flights with Thomas Cook Airlines would not be protected by Atol in the event of any collapse, and would have to turn to travel insurers and credit card issuers to obtain compensation. Thomas Cook's German business said: "Thomas Cook continues to do everything possible to get the deal on recapitalisation across the finishing line. The negotiations with all relevant stakeholders are complex and continue. At this moment all Condor flights and holidays are operating regularly."
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